Crest Nicholson boosts profit 32%

Crest Nicholson boosted its pre-tax profit 32% in the six months 30 April to £32m on turnover up 18% to £249.1m.

Operating margins from development activities increased from 15.2% to 15.5%. Turnover from house sales increased 23% as the number of houses sold increased from 736 to 833 while the average selling price increased from £232,500 to £253,300.

Chairman John Matthews said: "We welcome the more stable housing market and remain positive about the longer term outlook given low mortgage rates and shortage of supply, especially in the south."

He said the group's performance was enhanced by the sale of the Pearce Group to its management for £9.2m at the end of last year.